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Court rules Gabe Newell must appear in person to testify in Steam anti-trust lawsuit
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It isn't the peoples' company, but nor is it a publicly traded company that is obligated to pursue profits above all else. It's Gabe's company, and he gets to run it as he sees fit.
Ultimately Wolfire's argument falls apart not because Valve is setting the terms, but because their claims about Valve's position in the industry and supposed abuse of power don't hold much water.